Is the U.K. Chancellor Taking a Big Gamble?

U.K. Chancellor George Osborne has just unveiled his 2013 budget. Heard on the Street’s Simon Nixon is surprised at some of the announcements. Photo: Bloomberg

This transcript has been automatically generated and may not be 100% accurate.

... the ... George Osborne says they'll just twenty thirteen ... budget ... a bit of a stake in the country for pulling back into recession and that boosting the government's re election charges ... tolls is in the twenty fifty ... but some like Simon Nixon the ... pics of hubs that US is been taking some extolling gambles of a sudden some surprising those that ... deserve a number of really astonishing things should be were expecting a Linky budget ... there are several things here that the really short of the sport which is the chief ... change the Bank of England's ... of Munnetra policy mandate ... defective be allowed to move through my inflation and keep interest rates and lower despite reservations been one of the folded them all on ... the second big gamble ... is this ... isn't just a ... hope but a bunch of subsidies for house was which ... but ... the of the good of him and America that was above the ... people ... of Fannie Mae for many isn't so for some seafood phone for mortgage lending his injured uses the equivalent of Fannie Mae ... see the housing bubble ... so I was on housing data for the housing housing market already ... of very high ... usage to stop ... usage use this um it's up to the house phone while images is even taken from any sort of putting the economy of it ... it will ... then ago as a citizen of asbestos or just ... say he's also introduced into the palm of tax cuts for businesses ... um what was next in the scene isn't that ... what is your ear to oversee this bad news is that the most is that these tax cuts when carcasses to invest money in the deal also ... most of them ... but wait on business investment Detroit ... growth but the but I mean it but it's it's a big distance of its core push think that this actually ... of this is how to be spending money ... and so the more that despite the fact that taxes keeping calm but is charged with leaking boarding patch ... was the same time that the household sector which is growing unit enormous waste of mortgage that ... is actually the better of it but it may well be a hair with me ... as of this disease all so aam ... cut income taxes will rise ... so ... yesterday on the income tax on so yes was or was it was just what he does what it takes a villa saving trees that ... the ... low rate so that that that in just a rebound from Boston thousand pounds of income but that called to the but I'd be more of ... a little more middle tossed into the higher rate tax crimes ... this of course but for ... many people searching gonna be neutral ... it ... also has come to this budget consume a lot of slowing growth ... in people's just ahead to conform ... to the recession ... also the fact that ... the debt GDP ratio as countries that has continued to rise despite two attempts to stop that ... so ... essentially he has no option ... but to perhaps on the onthe get ... what let's say he's got a nice insists he's trying to get ... but his ... is trying to do is to keep interest rates but the songs have been given the investment and innovation going ... to try to get people calling howls is getting a body of of us of such a hot spot which I give businesses investing was the believers that he hopes to the pool with his budget ... as you say he's with the calls texts ... Oprah to this app see that money is actually ... they are the office but rules spouse but is he was the fifth Bishop Rowntree full cost of production halt its ... full costs for Greece's is just Nintendo in the space of ten weeks has reduced its ... forecast of twenty thirteen from ... from one point two percent and will put six percent ... this is the only guy I've seen a word when he was so let's go with the mystical cost of the house and that the ... trades which it ... when he says anything you think that for them really we must all I can continue to get ... more of the items that we have to get ... this but ... not necessarily produce ... all that I still would have us think it's a well here's what you what you put such the WIP is ... we'll businesses in the small ... up because you cut taxes ... and will households ... or a more because Cuba is subsidized to as many as in the front of us what ... it was cussing I think he's into ... a ... very devious that's because I think that the reason the ... houses all fossils of ordering the recent blog of the ... businesses on spending ... issues there's just too much white said that that's out there with the ... times that this leeway in this budget will help get around that ... and reaching more private sector to ... the